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You have no ability, if you're a financial institution and you're threatened with criminal prosecution, you have no ability to negotiate.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Ability
Prosecution
Negotiate
Institution
Threatened
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Criminals
Financial
Institutions

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Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices.
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Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable.
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We have provided capital here with a couple of institutions recently. The Federal government did that in the '30s for the RFC and I think there could well be a proper role for government in that.
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When it's raining gold, reach for a bucket, not a thimble.
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On his Giving Pledge philanthropy: The way I got the message out was to get a copy of FORBES, look down that 400 list and start making phone calls! Bill and Melinda [Gates] did the same thing. So keep publishing the list so I can milk it.
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When people tell me they've learned from experience, I tell them the trick is to learn from other people's experience.
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I would say it's more important who the treasury secretary is than who the vice president is. If you want to have a debate here, I'd like a debate between potential treasury secretaries than the vice presidential debate.
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We would do best in a market where everyone acted foolishly.
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Bad terminology is the enemy of good thinking.
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We don't get paid for being busy, we get paid for being right.
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The key to success is emotional stability.
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Benign neglect, bordering on sloth, remains the hallmark of our investment process.
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Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can't produce a baby in one month by getting nine women pregnant.
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I asked him what he wanted to do for his career, and he replied that he wanted to go into a particular field, but thought he should work for McKinsey for a few years first to add to his resume. To me that's like saving sex for your old age. It makes no sense.
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Having first rate people on the team is more important than designing hierarchies and clarifying who reports to whom.
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... the best way to own common stocks is through an index fund.
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It's good to learn from your mistakes. It's better to learn from other people's mistakes.
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I make no effort to predict the course of general business or the stock market. Period. However, currently there are practices snowballing in the security markets and business world which, while devoid of short term predictive value, bother me as to possible long term consequences.
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Like I say, I don't think it'll be done perfectly. Maybe we'll end up with a little bit better [economy] system.
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We say we are trying to buy into businesses with excellent economics, run by honest and able people at a decent price. We buy very few securities, so we look at it as focused investing.
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